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Major Greek banks 'could be forced to merge'

Some of Greece's biggest banks may have to shut and merge with their rivals, it has been claimed.

A European official told the Reuters news agency that Greece's four big banks - National Bank of Greece, Eurobank, Piraeus and Alpha Bank - could be reduced to just two.

European leaders are meeting on Sunday in a bid to strike a financial aid deal with Greece.

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Tusk: 'Final deadline ends this week' on Greece deal

President of the European Council Donald Tusk. Credit: PA

The president of the European Council has warned Greece that the " 'final deadline ends this week' for a deal to resolved the country's debt crisis

Our inability to find agreement may lead to the bankruptcy of Greece and the insolvency of its banking system.

And, for sure, it will be most painful for the Greek people. I have no doubt that this will affect all Europe also in the geopolitical sense.

The stark reality is that we have only five days left to find the ultimate agreement. Until now, I have avoided talking about deadlines.

But tonight I have to say loud and clear that the final deadline ends this week.

– European Council president Donald Tusk

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